Indiana § 27-1-12-12 Transition period; selection of date; effect

Indiana Statutes

§ 27-1-12-12 — Transition period; selection of date; effect

Indiana § 27-1-12-12

Title 27INSURANCE

Art. 1DEPARTMENT OF INSURANCE

Ch. 12Life Insurance Company Powers and Policy

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Bluebook

Ind. Code § 27-1-12-12 (2026).

Text

The period beginning July 1, 1943, and
ending January 1, 1948, both dates inclusive, shall be a transition
period between the nonforfeiture provisions set forth respectively in
sections 5, 6, and 7 of this chapter and between the valuation
provisions set forth respectively in IC 27-1-12.8-18 and IC 27-1-12.8-19 through IC 27-1-12.8-40. Accordingly, a company may,
by means of a writing filed with the department, select a transition date
within such period, but should a company fail to make such a selection,
the transition date as to such company shall be January 1, 1948. Except
as otherwise provided in IC 27-1-12.8, for group annuities and pure
endowments, policies issued prior to the transition date shall be
governed in all respects and at all times by section 5 of this chapter and
IC 27-1

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The period beginning July 1, 1943, and
ending January 1, 1948, both dates inclusive, shall be a transition
period between the nonforfeiture provisions set forth respectively in
sections 5, 6, and 7 of this chapter and between the valuation
provisions set forth respectively in IC 27-1-12.8-18 and IC 27-1-12.8-19 through IC 27-1-12.8-40. Accordingly, a company may,
by means of a writing filed with the department, select a transition date
within such period, but should a company fail to make such a selection,
the transition date as to such company shall be January 1, 1948. Except
as otherwise provided in IC 27-1-12.8, for group annuities and pure
endowments, policies issued prior to the transition date shall be
governed in all respects and at all times by section 5 of this chapter and
IC 27-1-12.8-18, and policies issued on or after such transition date
shall be governed in all respects and at all times by sections 6 and 7 of
this chapter and IC 27-1-12.8. A company's election of a transition date
shall be irrevocable and shall apply to sections 6 and 7 of this chapter
and IC 27-1-12.8 without exception, as well as to that portion of section
31 of this chapter which relates to policies bearing a date of issue later
than such transition date.
Formerly: Acts 1935, c.162, s.153C; Acts 1943, c.189, s.7; Acts
1973, P.L.273, SEC.3; Acts 1974, P.L.1, SEC.12. As amended by
P.L.252-1985, SEC.63; P.L.276-2013, SEC.8.